RAK Offshore cuts growth target by 75% due to crisis (Interview)

RAK Offshore, a subsidiary of Ras Al Khaimah Investment Authority (Rakia), has slashed its growth outlook for this year to 25 per cent, down from 100 per cent, due to the recession's effects on the potential clients' decision to register in the offshore hub.

Peter-Michael Schuster, General Manager of RAK Offshore, has also revised the firm's profit forecast from 70 per cent to 50 per cent. He is, however, optimistic the company, which allows any non-resident individual or "moral" entity to open a company registered within the RAK Free Zone, will continue growth.

"We went to Switzerland and received a good response. We are going for more roadshows. This is my strategy. We are favoured by companies because of the tax situation here. We will be looking at Mauritius, Panama, Pakistan, Asia, Africa and many other places," he said.